Cyclone Gita and Fehi have both wreaked havoc across New Zealand. The damage around the Nelson-Tasman coastline from Cyclone Fehi is so bad, some residents say they won't be returning to their homes.

As such events become more common, the Insurance Council is warning insurers may stop offering flood cover on some coastal properties.

"If it gets really bad, then insurers will have to really consider if they're willing to provide flood risk cover for those types of properties," says New Zealand Insurance Council chief executive Tim Grafton.

Economic crisis

Could a crash be on our way?
Photo credit: Getty

Before the last election, NZ First leader Winston Peters predicted a looming global slowdown.